Paytm Payments Bank Limited has announced that wallets with zero balance and no transactions for more than a year will be closed on July 20, 2024.
Paytm Wallet service close: If you use digital payment and financial service app Paytm, then there is news of work for you. Recently, RBI had banned Paytm Payments Bank Limited i.e. PPBL for not following the rules. Now Paytm Payments Bank Limited has announced that wallets with zero balance and no transaction for more than a year will be closed on July 20, 2024.
According to the information given on the website of PPBL, inactive Paytm wallet users will be issued a notice 30 days before the wallet is closed. In this information it was told that all those wallets in which there has been no transaction of any kind for the last one year or more and whose balance is zero, will be closed from July 20, 2024.
PPBL advised customers to activate or close their inactive accounts and wallets. If this is not done by the last date, the account and wallet will be closed automatically.
RBI action
It is worth noting that RBI had issued an order on January 29 and imposed several restrictions on Paytm Payments Bank. RBI had ordered Paytm Payments Bank to stop taking new deposits and credit transactions after February 29. Later this deadline was extended to March 15. However, it was also said that if customers have any balance left, they can use it till it ends.
Vijay Shekhar Sharma resigned on 26 February
Earlier, Paytm founder Vijay Shekhar Sharma resigned as non-executive chairman and board member of Paytm Payments Bank on 26 February and the bank’s board of directors was reconstituted.
